Containers carrying export goods in the RoK's largest seaport in Busan (Source: Yonhap)Hanoi (VNA) – The Republic ofKorea (RoK) is exploring the possibility of forging individual free tradeagreements (FTAs) with more ASEAN members in a move to further boost growingeconomic ties with the region, Yonhap news agency reported, citing a seniortrade official of the RoK.
The official, who is in charge of freetrade policy at the RoK’s Ministry of Trade, Industry and Energy, said thecountry is reviewing the possibility of FTAs with some of the five countries ofBrunei, Cambodia, Laos, Myanmar and Thailand, as part of efforts to promotebilateral economic cooperation.
However, he declined to elaborate onspecific countries that could be shortlisted for potential free trade dealswith the RoK.
The RoK has a free trade agreement with the10-member Association of Southeast Asian Nations, but it has been pushing forseparate free trade deals with individual members of the organisation.
The East Asian nation’s free trade dealswith Singapore and Vietnam went into effect in 2006 and 2015, respectively.
Last month, the RoK reached a preliminaryagreement with Indonesia on the Comprehensive Economic Partnership Agreementahead of the conclusion of a final deal within this year. The country hopes toformally sign the deal with Indonesia early 2020.
The RoK is also looking to clinch freetrade deals with Malaysia and the Philippines by the end of the year.
If all the negotiations underway aresuccessful, the country will have free trade deals with all five of its topASEAN trading partners.
ASEAN comprises Brunei, Cambodia,Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore andVietnam./.
The official, who is in charge of freetrade policy at the RoK’s Ministry of Trade, Industry and Energy, said thecountry is reviewing the possibility of FTAs with some of the five countries ofBrunei, Cambodia, Laos, Myanmar and Thailand, as part of efforts to promotebilateral economic cooperation.
However, he declined to elaborate onspecific countries that could be shortlisted for potential free trade dealswith the RoK.
The RoK has a free trade agreement with the10-member Association of Southeast Asian Nations, but it has been pushing forseparate free trade deals with individual members of the organisation.
The East Asian nation’s free trade dealswith Singapore and Vietnam went into effect in 2006 and 2015, respectively.
Last month, the RoK reached a preliminaryagreement with Indonesia on the Comprehensive Economic Partnership Agreementahead of the conclusion of a final deal within this year. The country hopes toformally sign the deal with Indonesia early 2020.
The RoK is also looking to clinch freetrade deals with Malaysia and the Philippines by the end of the year.
If all the negotiations underway aresuccessful, the country will have free trade deals with all five of its topASEAN trading partners.
ASEAN comprises Brunei, Cambodia,Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore andVietnam./.
VNA
